Company Registration No. 03081440 (England and Wales)
TURNSTONE (CAMBRIDGE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
TURNSTONE (CAMBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TURNSTONE (CAMBRIDGE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
57,301
-
Debtors
2
10,249
-
Cash at bank and in hand
487
5,660
68,037
5,660
Creditors: amounts falling due within one year
3
(575,638)
(515,685)
Net current liabilities
(507,601)
(510,025)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(507,602)
(510,026)
Total equity
(507,601)
(510,025)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 July 2020 and are signed on its behalf by:
T Deacon
Director
Company Registration No. 03081440
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Turnstone (Cambridge) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Warehouse, 33 Bridge Street, Cambridge, CB2 1UW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Sales of land and property net of value added tax are recognised at the date of exchange of contract. Income due on property owned and leased by the company under operating leases is accounted for on the accruals basis covering the period for which rent is due under the terms of the lease.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Stocks
Work in progress comprises land and property acquired for development and ultimate resale. Income may be receivable in respect of leases on these properties until they are sold. Acquisitions of commercial properties are considered to have taken place where (even if legal completion has not taken place) there is a legally binding, unconditional and irrevocable contract.
Work in progress is
stated at the lower of cost and
net realisable value
. Cost comprises
the direct cost of acquiring and improving property. Borrowing costs directly attributable to the acquisition and construction of new developments are added to the cost of such properties until the date of completion of the development. Net realisable value is based on estimated selling price allowing for further costs of completion and disposal.
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
TURNSTONE (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
10,249
-
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
1,015
Amounts owed to group undertakings
575,608
513,200
Taxation and social security
(1,470)
1,470
Other creditors
1,500
-
575,638
515,685
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
5
Related party transactions
During the year Turnstone Estates Limited recharged costs of £50,465 (2018 - £nil) to Turnstone (Cambridge) Limited. At the year end Turnstone (Cambridge) Limited owed £575,608 (2018 - £513,200) to Turnstone Estates Limited. Turnstone (Cambridge) Limited is a 100% owned subsidiary of Turnstone Estates Limited.
6
Parent company
The company is a wholly owned subsidiary of Turnstone Estates Limited, a company registered in England and Wales.
The ultimate controlling party is C W Goldsmith by virtue of his majority shareholding in the parent company.